Rocky Mountain Chocolate Factory, Inc. — fact timeline

Rocky Mountain Chocolate Factory, Inc. reported the three months ended February 28, 2023 results: revenue $8.1 million, net income $1.9 million, EPS $(0.29) per share.

“Fiscal Q4 2023 Results vs. Year-Ago Quarter ● Total revenue increased 5% to $8.1 million compared to $7.8 million. The increase was driven primarily by higher pricing, partially offset lower pound volume. Systemwide revenue per store was up 1.5%. ● Total factory and retail gross profit decreased to $0.1 million compared to $0.9 million, with gross margin of 1.2% compared to 14.7%. The decrease was primarily due to the Company writing off $0.6 million of obsolete inventory as a result of undertaking an aggressive effort to rationalize the products it offers and to reduce total inventory levels. ● Total operating expenses increased to $10.1 million compared to $7.2 million. The increase was primarily driven by one-time items, including costs associated with the solicitation of proxies and severance payments. Excluding these non-recurring items, fiscal Q4 operating expenses were $8.5 million. 1 ● Net loss from continuing operations increased to $1.9 million or $(0.29) per share, compared”

Gregory L. Pope retired as Senior Vice President – Franchise Development at Rocky Mountain Chocolate Factory, Inc..

“announced that Gregory L. Pope, Senior Vice President – Franchise Development, retired effective as of May 3, 2023”

Rocky Mountain Chocolate Factory, Inc. entered into Asset Purchase Agreement with U Swirl, LLC valued at Sale of substantially all assets for $2.75 million ($1.75 million cash and $1.0 million secured prom (effective 2023-05-01).

“On May 1, 2023 (the “Closing Date”), Rocky Mountain Chocolate Factory, Inc. (the “Company”) completed the sale of substantially all of the assets (the “Sale”) of U-Swirl International, Inc. (“Seller”), which operates and offers franchises for the operation of self-serve frozen yogurt stores (the “Business”). The Sale was completed pursuant to an Asset Purchase Agreement (the “Asset Purchase Agreement”), dated May 1, 2023, by and among the Company, as guarantor, Seller and U Swirl, LLC (“Purchaser”), a related company of Fosters Freeze, Inc., a California corporation.”

Starlette B. Johnson was appointed as Director at Rocky Mountain Chocolate Factory, Inc..

“the Board appointed Starlette B. Johnson to serve as a director of the Company effective as of March 8, 2023”

Rocky Mountain Chocolate Factory, Inc. reported financial results for the three months ended November 30, 2022.

“On January 12, 2023, Rocky Mountain Chocolate Factory, Inc. (the "Company") issued a press release reporting its results of operations for the three months ended November 30, 2022.”

Rocky Mountain Chocolate Factory, Inc. entered into Settlement Agreement and Release with Bradley L. Radoff, Andrew T. Berger, AB Value Partners, LP, AB Value Management LLC, and Mary Bradley valued at one million and seventy-five thousand dollars ($1,075,000.00) (effective 2022-12-14).

“On December 14, 2022 (the " Effective Date "), Rocky Mountain Chocolate Factory, Inc. (the “ Company ”) entered into a Settlement Agreement and Release (the “ Agreement ”), by and among the Company, Bradley L. Radoff, an individual (“ Radoff ”), Andrew T. Berger, an individual (“ Berger ”), AB Value Partners, LP (“ AB Value Partners ”), AB Value Management LLC (“ AB Value Management ” and, together with AB Value Partners, “ AB Value ” and, together with Radoff, “ ABV-Radoff ”), and Mary Bradley, an individual”

Gabriel Arreaga resigned as Director at Rocky Mountain Chocolate Factory, Inc..

“On December 8, 2022, Gabriel Arreaga notified the Board of Directors (the “Board”) of Rocky Mountain Chocolate Factory, Inc. (the “Company”) of his decision to resign from the Board effective no later than the conclusion of the Company’s current fiscal year (February 28, 2023).”

Sandra Elizabeth Taylor resigned as Director at Rocky Mountain Chocolate Factory, Inc..

“On December 5, 2022, Sandra Elizabeth Taylor notified the Board of Directors (the “Board”) of Rocky Mountain Chocolate Factory, Inc. (the “Company”) of her decision to resign from the Board effective as of the conclusion of the Company’s current fiscal year (February 28, 2023).”

Edward L. Dudley retired as Senior Vice President - Sales and Marketing at Rocky Mountain Chocolate Factory, Inc..

“Edward L. Dudley (“Mr. Dudley”), Senior Vice President - Sales and Marketing of Rocky Mountain Chocolate Factory, Inc. (the “Company”), has informed the Company of his intention to retire from the Company.”

Edward L. Dudley retired as Senior Vice President - Sales and Marketing at Rocky Mountain Chocolate Factory, Inc..

“On August 31, 2022, Edward L. Dudley, Senior Vice President - Sales and Marketing of Rocky Mountain Chocolate Factory, Inc. (the “Company”), notified the Company of his intention to retire effective September 23, 2022.”

Bryan J. Merryman retired as Chief Financial Officer at Rocky Mountain Chocolate Factory, Inc..

“Mr. Arroyo succeeds Bryan J. Merryman as Chief Financial Officer after his retirement from the Company after 24 years of service with the Company.”

Allen Arroyo was appointed as Chief Financial Officer at Rocky Mountain Chocolate Factory, Inc..

“On July 18, 2022, Allen Arroyo was appointed as Chief Financial Officer of Rocky Mountain Chocolate Factory, Inc. (the “Company”), effective August 1, 2022 (the “Start Date”).”

Jeffrey Geygan was elected as Chair of the Board at Rocky Mountain Chocolate Factory, Inc..

“the Board unanimously elected Jeffrey Geygan to succeed Ms. Charles as Chair.”

Elisabeth Charles retired as Chair of the Board and Director at Rocky Mountain Chocolate Factory, Inc..

“Elisabeth Charles notified the Board of Directors (the “Board”) of Rocky Mountain Chocolate Factory, Inc. (the “Company”) of her intent to not stand for reelection at the Company’s 2022 Annual Meeting of Stockholders (the “Annual Meeting”) and to retire effective as of the the conclusion of the Annual Meeting.”

Bryan J. Merryman retired as Chief Financial Officer at Rocky Mountain Chocolate Factory, Inc..

“Mr. Merryman gave notice of his retirement from his positions with the Company, effective in July 2022 after the filing of the Company’s Quarterly Report on Form 10-Q for the three months ended May 31, 2022.”

Bryan J. Merryman retired as Interim President and Chief Executive Officer at Rocky Mountain Chocolate Factory, Inc..

“Mr. Sarlls succeeds Bryan J. Merryman in his role as Interim President and Chief Executive Officer of the Company.”

Robert J. Sarlls was appointed as Director at Rocky Mountain Chocolate Factory, Inc..

“appointed Robert J. Sarlls as Chief Executive Officer of the Company and as a member of the Board”

Robert J. Sarlls was appointed as Chief Executive Officer at Rocky Mountain Chocolate Factory, Inc..

“On May 5, 2022, the Board of Directors (the “Board”) of Rocky Mountain Chocolate Factory, Inc. (the “Company”) appointed Robert J. Sarlls as Chief Executive Officer of the Company and as a member of the Board, effective May 9, 2022 (the “Start Date”).”

Bryan J. Merryman retired as Interim President and Chief Executive Officer, and Chief Financial Officer at Rocky Mountain Chocolate Factory, Inc..

“Bryan J. Merryman, Interim President and Chief Executive Officer, and Chief Financial Officer of Rocky Mountain Chocolate Factory, Inc. (the “Company”), gave notice of his retirement from his positions with the Company, effective in July 2022 after the filing of the Company’s Quarterly Report on Form 10-Q for the three months ended May 31, 2022.”

Bryan J. Merryman changed role as Chief Financial Officer and interim President and Chief Executive Officer at Rocky Mountain Chocolate Factory, Inc..

“Bryan J. Merryman agreed to voluntarily step down as President and Chief Executive Officer ("CEO") of Rocky Mountain Chocolate Factory, Inc. (the "Company") upon the hiring of a new President and CEO for the Company.”

Mary K. Thompson resigned as Director at Rocky Mountain Chocolate Factory, Inc..

“On September 16, 2021, Mary K. Thompson notified the Board of Directors (the “Board”) of Rocky Mountain Chocolate Factory, Inc. (the “Company”) of her resignation from the Board, effective immediately.”

Jeff Geygan was appointed as Director at Rocky Mountain Chocolate Factory, Inc..

“On the Effective Date, the Board appointed Mr. Geygan to serve as a member of the Board with a term expiring at the 2021 Annual Meeting.”

Franklin E. Crail retired as Director at Rocky Mountain Chocolate Factory, Inc..

“On August 9, 2021, Franklin E. Crail announced his retirement from the Board of Directors (the “Board”) of Rocky Mountain Chocolate Factory, Inc. (the “Company”), effective upon the appointment of a replacement independent Board director.”

Scott G. Capdevielle resigned as Director at Rocky Mountain Chocolate Factory, Inc..

“On July 26, 2021, based on the Board’s review of such public statements and in alignment with the Company’s code of conduct and core values, Mr. Capdevielle was asked to resign from the Board.”